So it appears my prediction was right and yet again the Government have missed an opportunity to kick start the property market.

They appear not to have learned from past mistakes when dabbling in this volatile area.

Not only has the Chancellor abolished it for properties up to  £250000.00 he has only done so for 2 Years from midnight tonight-look forward to Boom and Bust as we had with the MIRAS (Mortgage Interest Relief at Source) in the late 80s and the various stamp duty holidays set for short periods the latest of which ended 31/12/2009 and resulted in a surge of sales completing in December and a significantly lower volume of  transactions coming on so far this Year

Unfortunately he has done nothing to deal with the scewing of the market for properties worth over £250000.00 but less than £300000.00 and further he has increased duty at the higher end which may result in those properties remaining unsold or at the very best taking longer than usual to sell.

The good news is that there is no stamp duty for properties purchased at £250000.00 or below so it benefits not just first time buyers but also investors since the capital gains tax position is unchanged

Watch this space as I reveal other property related issues  and maybe hope that the next Government whoever that may be listens to the experts  at the coalface who can let them know before its to late the unforseen consequences of their actions or inactions.